Financial market performance was generally pleasing in the September quarter of 2025, with share and commodity prices mostly higher and credit spreads narrowing further. Credit markets have been noticeably benign, seemingly pricing in little concern about risk, and by consequence a fine margin of pricing error.

The early months of 2025 have been chaotic for investment markets due to the flurry of policy pronouncements (and counter-pronouncements) from the United States’ new administration and the sense that the world order may become less comfortable.

As 2024 progresses, so too does financial market confidence improve, such that some asset prices have been increasingly robust.  Buoyant enthusiasm is welcome but seems at odds with some of the more pressing issues of the world.